Free download CandleScanner

CandleScanner

4.3
CandleScanner is a technical analysis software package created for investors interested in Japanese candle patterns
Free Download
User rating
6.2/10
13 votes
License
Shareware
OS
Windows
Developer
Lempart
Version
4.3.0
File size
27.8 MB
Language
English
Release date
3 November 2015

Editor's review

This is a tool that helps in trading on stock markets.

CandleScanner is a technical analysis software. It is able to search Japanese candlestick formations on trading pattern trends and find patterns. It can create some statistics on them, that further eases decision making of trading. It thus helps build trading strategies based on these candlestick formations. Search of the candlesticks formations collects formation occurrence frequency and their efficiency. In case of bullish reversal or bullish continuation formations CandleScanner checks for how many days since the formation occurred closing prices were higher than the close price of the last formation`s candlestick. In case of bearish reversal or bearish continuation formations, how many days since the formation occurred closing prices are lower than the close price of the last formation`s candlesticks. If it is zero days, the prediction is considered a false prediction. One to three and 4 to 6 days are considered low and medium efficiency formations while 7 to 10 days formations are considered high efficiency. All bullish formations are treated as long positions while bearish formations as short positions.

The tool includes a transaction simulator or a back tester that can open or close transactions based on the detected formations. The tool provides possible customized market entry or exit conditions. The data quotes for the formation of the candlesticks will need to be supplied by the user, of course. These can be entered either as text files or binary MetaStock files. These inputs can be made through the application menu and user can add new tickers from the text files and new tickers from the MetaStock binary files. New tickers from Yahoo! Finance also can be added. Candlestick formations can be searched for in two ways. You could search for candlestick formations and update statistics or search without updating the stats. This is a very good tool.

Publisher's description

CandleScanner is a technical analysis software package created for investors interested in Japanese candle patterns. What makes this application exceptional is that, from the outset, it has been specifically designed for the detection of Japanese candle patterns. It is not just an add-on to an existing analysis platform, but a specialist charting application written by people with an extensive knowledge of the topic of Japanese candlestick patterns. It is suitable for both seasoned traders and complete beginners.
Japanese candle patterns are well known and routinely implemented in displaying price behavior. However, when apparent emerging patterns are analysed and discussed, it is frequently the case that the conclusions are imprecise, and, indeed, often result in contradictory interpretations of what the patterns are actually saying. Hence, to accurately implement a tool scanning charts for candle patterns is not a straightforward undertaking.
The application of CandleScanner is extremely versatile, and can be used by a whole spectrum of traders involved in, for example, stock market trading, commodities markets, futures markets or forex. Also, those who are just beginners will find CandleScanner a great learning and training tool, where they can learn from real-life data-based examples, rather than just pure text book theory.
With the application you can do the following:
- Quickly scan candlestick charts to find all occurrences of candle patterns
- Measure the efficiency of patterns, i.e. are they working as you expect them to?
- Build trading strategies based on candle patterns and simulate transactions (backtesting)
CandleScanner is highly configurable, meaning that you can adjust it to your specific needs. The algorithms scanning the candlesticks charts have many parameters, which can be set by the user. Also, the visual aspects of the application are highly customizable, enabling everyone to find their desired optimal settings.
CandleScanner
CandleScanner
Version 4.3
Free Download

User comments

Adam
Extremely unreliable data update service and lacks any suitable alternative, the developers take no responsibility and provide no support. Without data the software is useless. The trading simulation lacks any preferences for position sizing and suitable entry and exit triggers (backtesting is the same), you can`t simulate entry and exit on given signals. Very poor software in my opinion, there are much better options.
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